UAL Narrows Loss on Lower Costs
UAL Corp., the parent of United Airlines, narrowed its quarterly net loss by two-thirds to $459 million as it reduced costs in Chapter 11 bankruptcy proceedings and boosted fares and passenger traffic.
The first-quarter loss shrank to $4.17 a share from $1.34 billion, or $14.16, a year earlier, Chicago-based UAL said. Sales rose 17% to $3.73 billion.
UAL’s expenses fell 1.4% to $3.94 billion, as United cuts labor and aircraft costs as part of the reorganization that began in December 2002. The company expects to lower annual costs by $5 billion.
UAL shares rose 8 cents to $1.38 in over-the-counter trading.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
